##### 



Exhibit 12

Potash Corporation of Saskatchewan Inc.
Ratio of Earnings to Fixed Charges
(in millions of US dollars, except ratio amounts)
(unaudited)

|                                                        |                                            |   |        |                        |   |      |       |       |  |      |       |       |  |   |       |       |  |   |        |        |   | 
|------------------------------------------------------- | ------------------------------------------ | - | ------ | ---------------------- | - | ---- | ----- | ----- |  | ---- | ----- | ----- |  | - | ----- | ----- |  | - | ------ | ------ | - | 
|                                                        |                                            |   |        | Year ended December 31
|                                                        |                                            |   |        |                       
|                                                        |                                            |   |        | 2003                   |   | 2002 |       | 2001  |  | 2000 |       | 1999 
|                                                        |                                            |   |        |                       
|Canadian GAAP                                           |                                            |   |        |                        |   |      |       |       |  |      |       |       |  |   |       |       |  |   |        |       
|                                                        |                                            |   |        |                        |   |      |       |       |  |      |       |       |  |   |       |       |  |   |        |       
|Net (loss) income                                       |                                            | $ | (126.3 | )                      |   | $    | 53.6  |       |  | $    | 121.2 |       |  | $ | 198.0 |       |  | $ | (412.0 | )     
|Income taxes                                            |                                            |   | (20.6  | )                      |   |      | 30.2  |       |  |      | 68.2  |       |  |   | 67.2  |       |  |   | 7.5    |       
|Share of earnings of equity investees                   |                                            |   | (12.4  | )                      |   |      | (5.3  | )     |  |      |      |       |  |   |      |       |  |   |       |       
|Fixed charges                                           |                                            |   | 117.8  |                        |   |      | 102.7 |       |  |      | 104.3 |       |  |   | 104.6 |       |  |   | 93.3   |       
|Distributed income of equity investees                  |                                            |   | 4.0    |                        |   |      |      |       |  |      |      |       |  |   |      |       |  |   |       |       
|Interest capitalized                                    |                                            |   | (1.5   | )                      |   |      | (4.2  | )     |  |      | (0.5  | )     |  |   |      |       |  |   | (2.6   | )     
|                                                        |                                            |   |        |                       
|                                                        | Total Earnings Available for Fixed Charges |   | $      | (39.0                  | ) |      | $     | 177.0 |  |      | $     | 293.2 |  |   | $     | 369.8 |  |   | $      | (313.8 | )
|                                                        |                                            |   |        |                       
|                                                        |                                            |   |        |                        |   |      |       |       |  |      |       |       |  |   |       |       |  |   |        |       
|Fixed Charges                                           |                                            |   |        |                        |   |      |       |       |  |      |       |       |  |   |       |       |  |   |        |       
|                                                        |                                            |   |        |                        |   |      |       |       |  |      |       |       |  |   |       |       |  |   |        |       
|Interest expensed and capitalized                       |                                            |   | 105.7  |                        |   |      | 92.0  |       |  |      | 83.9  |       |  |   | 66.6  |       |  |   | 56.4   |       
|Amortization of debt issue costs                        |                                            |   | 2.1    |                        |   |      | 1.9   |       |  |      | 0.8   |       |  |   | 1.2   |       |  |   | 1.2    |       
|Estimated portion of rent expense
representing interest |                                            |   | 10.0   |                        |   |      | 8.8   |       |  |      | 19.6  |       |  |   | 36.8  |       |  |   | 35.7   |       
|                                                        |                                            |   |        |                       
|                                                        | Total Fixed Charges                        |   |        | 117.8                  |   |      |       | 102.7 |  |      |       | 104.3 |  |   |       | 104.6 |  |   |        | 93.3   |  
|                                                        |                                            |   |        |                       
|                                                        |                                            |   |        |                        |   |      |       |       |  |      |       |       |  |   |       |       |  |   |        |       
|Ratio of Earnings to Fixed Charges                      |                                            |   |       | 1                      |   |      | 1.72  |       |  |      | 2.81  |       |  |   | 3.54  |       |  |   |       | 1     
|                                                        |                                            |   |        |                       

1 Earnings were inadequate to cover fixed charges by $156.8 million and $407.1
million for the years ended December 31, 2003 and December 31, 1999,
respectively.